Altron outgoing CEO Robert Venter
Photo by: Duane Daws
Following a rigorous recruitment process and a global search for a suitable candidate, MTN South Africa (SA) CEO Mteto Nyati has been appointed the new group CEO of JSE-listed Allied Electronics (Altron), effective no later than July 1.
Nyati, who will succeed outgoing Altron CEO Robbie Venter, will be stepping down as the CEO of MTN SA on March 13.
MTN South and East Africa region Godfrey Motsa will succeed Nyati as CEO of MTN SA.
Venter, who announced his planned exit last year, will remain a nonexecutive director at Altron.
“Mteto has extensive experience in both the business-to-business and business-to-consumer markets. We are extremely pleased to have him on board and are confident that he, the board and Robbie will work well together during the handover phase,” said Altron chairperson Mike Leeming.
Nyati, who holds a BSc in Mechanical Engineering from the University of KwaZulu-Natal and was named a Yale University World Fellow, joined MTN as the group chief enterprise officer in October 2014, after working as Microsoft South Africa MD and IBM South Africa global technology services director.
Altron, meanwhile, also announced that it had been making gains in repositioning itself as a focused information and communication technology business and expected to report narrowed losses for the financial year to February 28.
The company’s basic losses a share are expected to narrow from 259c in the prior year to 60c in the 12 months under review.
Headline earnings a share are expected to swing into positive territory, at a profit of no less than 50c apiece, in the year to February 28, compared with a loss of 145c a share the year before.
In a business update to shareholders, the group noted that the information technology businesses have performed well and slightly ahead of expectations.
Altron expects to publish its financial results on May 11.